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FxWirePro: NZD/JPY struggles at 200-SMA, break above could see further upside

  • NZD/JPY struggles to extend break above 200-SMA at 81.58.
     
  • The pair has retreated from session highs at 81.67 and is currently trading around 81.55.
     
  • Intraday bias has turned bullish after break above 1H 100-SMA. The pair has edges above 5-DMA.
     
  • We had identified a potential 'Bearish Gartley' pattern on NZD/JPY 4-hourly charts.

Support levels - 81.36 (5-DMA), 81, 80.70 (Trendline), 80

Resistance levels - 81.91 (20-DMA), 82 (Weekly 5-SMA), 82.30 (Falling trendline)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Bullish                Neutral       
1D          Neutral               Neutral        
1W         Bullish                Neutral      

Recommendation: Good to go long on breakout above 1H 200-SMA, SL: 81, TP: 82/ 82.30. 

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 91.0314(Bullish), while Hourly JPY Spot Index was at 148.379 (Highly bullish) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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